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Why does the Japanese Companies Act require shareholders' approval when issuing shares in "beneficial price"?

Research Project

Project/Area Number 18K01360
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 05060:Civil law-related
Research InstitutionNagoya University

Principal Investigator

Matsunaka Manabu  名古屋大学, 法学研究科, 教授 (20518039)

Project Period (FY) 2018-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords新株発行 / 有利発行 / 利益相反 / 会社法 / 不公正発行 / 第三者割当 / 新株予約権
Outline of Final Research Achievements

Japanese Companies Act requires a shareholder meeting resolution for issuing shares at a significantly low price. Commentators have cast doubts on the rule. However, it has functioned as a safeguard against defensive tactics that involve issuing shares or warrants at low prices. More generally, a recent view understands the rule as mitigation of the conflict of interest in share issuance. This project has shown that the recent view should be supported.
Furthermore, the rule substantially requires a board to follow careful procedures for deciding the share price, especially when the board intends to issue shares to a particular person. Since directors' duties in share issuance are not clear enough, providing a special rule for this particular situation might well be reasonable.
From the above viewpoint, disclosure of the process of deciding an issuing price is crucially important. However, both corporate law and securities law have partly failed in this aspect.

Academic Significance and Societal Importance of the Research Achievements

存在意義が疑われてきた有利発行規制について、他の規律との関係も踏まえて、利益相反の規律という近時の見解を裏付け、また、有利発行にはならない発行価格となる場合についても慎重な手続を経させるという機能があることを明らかにした点に意義がある。また、発行プロセスの開示について、これまで金商法が担ってきたが、会社法の観点から規律を置く必要があることを明らかにした点は今後の規制にとって意義がある。

Report

(4 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (14 results)

All 2021 2020 2019 2018 Other

All Int'l Joint Research (1 results) Journal Article (7 results) (of which Peer Reviewed: 2 results,  Open Access: 1 results) Presentation (3 results) (of which Int'l Joint Research: 3 results) Book (3 results)

  • [Int'l Joint Research] University of South Wales(オーストラリア)

    • Related Report
      2019 Research-status Report
  • [Journal Article] 取締役の任務懈怠責任と利益相反2021

    • Author(s)
      松中学
    • Journal Title

      川濱昇先生・前田雅弘先生・洲崎博史先生・北村雅史先生還暦記念『企業と法をめぐる現代的課題』

      Volume: - Pages: 279-325

    • Related Report
      2020 Annual Research Report
  • [Journal Article] 主要目的ルール廃止論2021

    • Author(s)
      松中学
    • Journal Title

      久保大作・久保田安彦・上田真二・松中学編『(吉本健一先生古稀記念論文集)企業金融・資本市場の法規制』

      Volume: - Pages: 189-241

    • Related Report
      2020 Annual Research Report 2019 Research-status Report
  • [Journal Article] Career Judge System and Court Decision Biases: Preliminary Evidence from Japan2019

    • Author(s)
      Hatsuru Morita & Manabu Matsunaka
    • Journal Title

      Yun-chien Chang ed. Selection and Decision in Judicial Process around the World: Empirical Inquires

      Volume: - Pages: 132-159

    • DOI

      10.1017/9781108694469.006

    • Related Report
      2019 Research-status Report
    • Peer Reviewed
  • [Journal Article] 大王製紙新株予約権付社債の発行をめぐる損害賠償請求事件の検討〔上〕2019

    • Author(s)
      松中学
    • Journal Title

      旬刊商事法務

      Volume: 2192 Pages: 10-17

    • NAID

      40021826434

    • Related Report
      2018 Research-status Report
  • [Journal Article] 大王製紙新株予約権付社債の発行をめぐる損害賠償請求事件の検討〔下〕2019

    • Author(s)
      松中学
    • Journal Title

      旬刊商事法務

      Volume: 2193 Pages: 35-41

    • NAID

      40021839085

    • Related Report
      2018 Research-status Report
  • [Journal Article] Politics of Japanese Corporate Governance Reform: Politicians do Matter2018

    • Author(s)
      Manabu Matsunaka
    • Journal Title

      Berkeley Business Law Journal

      Volume: 15-1 Pages: 154-184

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] 会社法改正と規律の方法2018

    • Author(s)
      松中学
    • Journal Title

      ジュリスト

      Volume: 1521 Pages: 70-75

    • NAID

      40021567296

    • Related Report
      2018 Research-status Report
  • [Presentation] What Drives Corporate Governance Reforms?: Challenging Existing Theories from Japan2019

    • Author(s)
      Manabu Matsunaka
    • Organizer
      CIBEL Global Network Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] When Judges Don’t Want to Judge: An Example of Share Issuance Case in Japan2018

    • Author(s)
      Manabu Matsunaka
    • Organizer
      Law and Society Association
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Career Judge System and Court Decision Biases: Preliminary Evidence from Japan2018

    • Author(s)
      Hatsuru Morita & Manabu Matsunaka
    • Organizer
      2018 Asian Law and Society Association Conference
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Book] 数字でわかる会社法〔第2版〕2021

    • Author(s)
      田中亘(編著),飯田秀総,久保田安彦,小出篤,後藤元,白井正和,松中学,森田果
    • Total Pages
      324
    • Publisher
      有斐閣
    • ISBN
      9784641138582
    • Related Report
      2020 Annual Research Report
  • [Book] 吉本健一先生古稀記念論文集企業金融・資本市場の法規制2020

    • Author(s)
      久保大作,久保田安彦,上田真二,松中学(編)
    • Total Pages
      568
    • Publisher
      商事法務
    • ISBN
      9784785727864
    • Related Report
      2020 Annual Research Report
  • [Book] 会社法コンメンタール補巻 平成26年改正2019

    • Author(s)
      岩原紳作(編)
    • Total Pages
      880
    • Publisher
      商事法務
    • ISBN
      9784785727420
    • Related Report
      2019 Research-status Report

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Published: 2018-04-23   Modified: 2022-01-27  

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